A £15 Million Series B for This, the U.K.’s Fastest-Growing Plant-Based Meat Brand

U.K.-based plant-based meat alternatives brand, This, has announced a recently closed Series B funding round of £15 million.

The funding round included more than £10 million from institutional investors including BGF, Lever VC, Backed, Five Seasons Ventures, ECG Research, CJ Corporation, and Kreos Capital. The remaining £4.7 million was raised via crowdfunding on the Seedrs platform last year.

The fresh funding builds on This’ 2021 £11 million Series A round as well as an initial crowd raise of more than £4 million in 2020, and £8.7 million of Seed funding.

‘A fantastic funding round’

“We’ve managed to buck the miserable fundraising trend at the moment and close a fantastic funding round for the brand,” co-founder Andy Shovel told The Grocer.

“Our investors’ confidence has predominantly come from our punchy growth and really strong R&D pipeline. We’ve also got lots of data to show we’re championing the recruitment of meat-eaters into the plant-based category, who haven’t shopped in it before,” he said.

“We’re all really excited to go from plucky SME to industry-leading powerhouse.”

The new funding makes This the ninth biggest meat-free brand in the U.K. — a category valued at more £570 million in 2022. Within just three years since its launch,This’ annual revenue is more than £24 million; the vegan meat company said it saw sales of approximately £2 million in January. This Isn’t Streaky Bacon, the latest product in the This family, is now the U.K.’s best-selling plant-based bacon.

Category expansion

This says it will use the fresh funds to consolidate its supply chain, increase marketing efforts, expand its R&D capabilities, and open up new markets this year.

The company recently launched 15 new products across three new categories including frozen, ready meals, and food-to-go. This also launched its first beef burgers and mince alternatives, a new range of sausages, and a reformulated version of its vegan chicken.

The overall plant-based category has seen significant growth in recent years, with consumers seeking alternatives to traditional meat products for health, ethical, and environmental reasons. The demand for plant-based meat alternatives has led to an increase in investment in the sector, with companies like This benefiting from this trend. According to a report by Barclays, the global market for plant-based meat alternatives could be worth $140 billion by 2030.

The funding comes as the company was named the U.K.’s fastest-growing food and drink brand in Alantra’s annual Fast 50 rankings.